EMI Calculator

Calculate EMI (Equated Monthly Installment) for a fixed rate loan spanned across years with annual and monthly amortization tables.
You can calculate principal and interest components for financial years which are useful for tax calculations.


Loan Parameters
Loan Amount :
$
Interest rate :
%
Loan term :
years
EMI Start Date :
Financial Year :
Repayment Details

Loan Amount = $ 1,00,000

EMI = $ 2,536

Total Interest = $ 21,740

Total Payments = $ 1,21,740

Periods = 48 months

Last EMI Date = 23-April-2023

Repayment Chart
Payment Distribution Graph
Amortization Table
Year Total Payment Interest Principal Balance
  1 $ 30,435 $ 9,037 $ 21,398 $ 78,602
May-2019 2,536 833 1,703 98,297
June-2019 2,536 819 1,717 96,580
July-2019 2,536 805 1,731 94,849
August-2019 2,536 790 1,746 93,103
September-2019 2,536 776 1,760 91,342
October-2019 2,536 761 1,775 89,567
November-2019 2,536 746 1,790 87,777
December-2019 2,536 731 1,805 85,973
January-2020 2,536 716 1,820 84,153
February-2020 2,536 701 1,835 82,318
March-2020 2,536 686 1,850 80,467
April-2020 2,536 671 1,866 78,602
  2 $ 30,435 $ 6,796 $ 23,639 $ 54,963
May-2020 2,536 655 1,881 76,721
June-2020 2,536 639 1,897 74,824
July-2020 2,536 624 1,913 72,911
August-2020 2,536 608 1,929 70,982
September-2020 2,536 592 1,945 69,037
October-2020 2,536 575 1,961 67,077
November-2020 2,536 559 1,977 65,099
December-2020 2,536 542 1,994 63,105
January-2021 2,536 526 2,010 61,095
February-2021 2,536 509 2,027 59,068
March-2021 2,536 492 2,044 57,024
April-2021 2,536 475 2,061 54,963
  3 $ 30,435 $ 4,321 $ 26,114 $ 28,849
May-2021 2,536 458 2,078 52,885
June-2021 2,536 441 2,096 50,789
July-2021 2,536 423 2,113 48,676
August-2021 2,536 406 2,131 46,545
September-2021 2,536 388 2,148 44,397
October-2021 2,536 370 2,166 42,231
November-2021 2,536 352 2,184 40,046
December-2021 2,536 334 2,203 37,844
January-2022 2,536 315 2,221 35,623
February-2022 2,536 297 2,239 33,384
March-2022 2,536 278 2,258 31,126
April-2022 2,536 259 2,277 28,849
  4 $ 30,435 $ 1,586 $ 28,849 $ 0
May-2022 2,536 240 2,296 26,553
June-2022 2,536 221 2,315 24,238
July-2022 2,536 202 2,334 21,904
August-2022 2,536 183 2,354 19,550
September-2022 2,536 163 2,373 17,177
October-2022 2,536 143 2,393 14,783
November-2022 2,536 123 2,413 12,370
December-2022 2,536 103 2,433 9,937
January-2023 2,536 83 2,453 7,484
February-2023 2,536 62 2,474 5,010
March-2023 2,536 42 2,495 2,515
April-2023 2,536 21 2,515 0

Flat Rate EMI Calculator
Calculate EMI for a flat rate loan with annual and monthly amortization tables
Loan Amt
Loan Term    years
Flat Rate   %


Convert Flat to Reducing Balance Interest Rate
This tool finds the effective interest rate for a flat rate interest loan.
Loan Amount      ₹   
Loan Term       years
Flat Interest Rate %
Flat -vs- Reducing Balance Interest Rate
Check the EMI Calculations for Flat vs Reducing Balance Interest Rate

In Flat Interest Rate loans, interest is calculated on the initial principal amount througout the loan tenure.

In Reducing Balance Interest Rate loans, interest is calculated on the remaining principal amount at any time.

Flat interest rate is normally used by vehicle finance companies.
Loan Amount      ₹   
Loan Term       years
Flat Rate                   %
Reducing Balance Rate %


Compare EMI Calculations
Compare EMI calculations for 2 interest rates. See how EMI and total interest amount change for different interest rates and the same loan amount and tenure. Useful when bank interest rates are changes for existing loans.
Loan Amount  ₹ 
Loan Term     years
Interest Rate 1 %
Interest Rate 2 %





What is EMI ?

According to WikiPedia an Equated Monthly Installment (EMI) is defined as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full."

It further explains that, with most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month.

The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier.

The formula for EMI (in arrears) is:

Responsive image
  • A : Periodic Payment
  • P : Principal Amount Borrowed
  • r : Periodic Interest Rate
  • n : Total Number of Payments
What is Amortization Table ?
An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.
Read more at WikiPedia.
What is Financial Year Amortization Table ?
The financial year calculation presents the amortiztion table on a fiscal year basis. Normally Annual Amortiztion Table will show the calculations for a 12 months period from the starting EMI.

e.g.
You are in India where the financial year is from April 1st to March 31st.
You have taken loan for 3 years (36 months).
Your first EMI is in the month of June 2015.
Your last EMI is in the month of May 2018.

  • Annual Amortiztion Table :
    The annual amortiztion table will show 3 rows with each having calculations for straight 12 months from June to May.
    1. June 2015 - May 2016
    2. June 2016 - May 2017
    3. June 2017 - May 2018


  • Financial Year Amortization Table :
    This will have 4 calculations:First calculation will for the ongoing fiscal year : June to March, Then next 2 calculations will be for April to March and last one for the month of May and June.
    1. June 2015 - March 2016
    2. April 2016 - March 2017
    3. April 2017 - March 2018
    4. April 2018 - May 2018


There is no difference regarding the amount in both calculations. There is only difference in the way of grouping the EMIs.

In many countries these principal and interest components are used for tax calculations for a given fiscal year.

This tool will help in identifying each years share of principal and interest in the repayments.